The consultancy Celent predicts that the microfinance market will grow from $11 billion now to $20 billion in 2008. The study finds that commercial banks are best equipped to extend microfinance. Microfinance institutions seem to be struggling in Nigeria, while investment funds in microfinance institutions are sprouting like mushrooms in India.
Meanwhile, Muhammad Yunus has won the Seoul Peace Prize. I was fortunate enough to hear him give a speech on founding the Grameen Bank, and I was not the only one with tears in my eyes. Hearty congratulations to Muhammad.
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